SkipAPay_CMYK

Skip A Pay Program Details:

1. Review the terms of the Skip A Pay program to determine whether or not your TOPCU loan qualifies for Skip A Pay
The following loan types are not eligible for Skip A Pay:

  • Mortgages
  • Visa Credit Cards

2. If your loan qualifies – please login to your online banking account and process your Skip A Pay by following these steps:

  • Login with your username and password
  • Click on the Services Tab and choose “Skip A Loan Payment”
  • Follow the on-screen instructions to complete your Skip A Pay

You may print or download the application here: Skip A Pay Form

Additional Requirements:

  • Must not have had a Skip A Pay in the last 3 months
  • A Skip A Payment is limited to 2 times per a rolling 12 months
  • You may skip multiple loans at the same time (note:  the $30 fee will be applied per loan that you skip)
  • No delinquent accounts
  • No charged off accounts
  • No loan modifications or extensions
  • No loan under bankruptcy protection
  • Loan must be at least 90 days old
  • $30.00 fee (per loan) must be paid at time of application

How many payments will be skipped?

Once you process your Skip A Pay online – the next monthly payment due on your loan will be skipped.

Multiple Loans

You may process a Skip A Pay for all eligible loans, there will be a $30.00 fee per loan per Skip A Pay processed. Remember, you may only skip a loan payment 2 times per year.

Fee

There is a $30.00 fee for each eligible loan skipped.  The fee may be withdrawn from your TOPCU account, paid by cash or by check made payable to TOPCU.  Please do not mail cash.  Note:  when processing your Skip A Pay online, the fee has to be automatically deducted from your account, so make sure the funds are in your TOPCU account before processing online.

Electronic/Automatic Payment Information

  • Payroll Deduction/Direct Deposit – your automatic payment will not be transferred to your loan on the skipped month, your payment will remain in your TOPCU savings or checking account
  • Monthly transfer from TOPCU savings/checking account – your automatic payment will not be transferred to your loan on the skipped month; your payment will remain in your TOPCU savings or checking account
  • Electronic withdraw from another financial institution – payment will still be withdrawn from your other financial institution and deposited into your TOPCU savings account for the month skipped* 
  • Bill payment from another financial institution – If a payment is still sent from your other financial institution the check will be deposited into your TOPCU savings account for the month skipped

*If you would like for your electronic payment to be held so that it does not come out of your other financial institution, please contact our member service department. A $10.00 ACH – Recurring (Change Fee), will be incurred separate from the $30.00 skip a pay fee for this service.

Frequency

You may Skip A Pay two times per calendar year and a Skip A Pay can only be processed after 3 months of any prior Skip A Pay.  Special Note: If your loan is covered by a Guaranteed Asset Protection (GAP) Policy, please note that skipping more than two (2) payments over the term of the loan may affect the GAP payout if there is a total loss.

Final Payment Date

It will be extended to allow you to pay your skipped payment at the end of your loan. Please note that interest will continue to accrue at your normal contract rate on your unpaid loan balance during the skipped period but you will not owe a late charge for skipping your payment. In addition, all other terms and provisions of your loan will remain the same.

Rates

Rates may be fixed or variable and may include discounts or other promotional conditions. Rates are subject to change without notice.